TIDMSRP
RNS Number : 8676U
Serco Group PLC
08 April 2021
8 April 2021
Serco Group plc (the 'Company')
Legal Entity Identifier: 549300PT2CIHYN5GWJ21
INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ORDINARY SHARES OF 2p EACH
IN THE COMPANY ('Ordinary Shares')
On 6 April 2021, the Company granted conditional share awards
('Performance Awards') to the following PDMRs under the Serco Group
plc 2019 Long-Term Incentive Plan ('LTIP'):
PDMR Number of Shares subject
to the Performance Award
Rupert Soames,
Group Chief Executive 1,229,923
--------------------------
Nigel Crossley,
Group Director of Finance 151,931
--------------------------
David Dacquino,
CEO Americas 376,884
--------------------------
David Eveleigh,
Group General Counsel & Company
Secretary 240,540
--------------------------
Mark Irwin,
CEO UK & Europe 321,950
--------------------------
Anthony Kirby,
Group Chief Operating Officer 289,393
--------------------------
Philip Malem,
CEO Middle East 220,632
--------------------------
Kate Steadman,
Group Strategy & Communications
Director 135,886
--------------------------
Peter Welling
CEO AsPac 242,990
--------------------------
The Performance Awards have a normal vesting date of 6 April
2024 and vesting is conditional on continued employment and the
satisfaction of five independent performance measures as
follows:
Performance Weighting Performance Target
Measure
Aggregate EPS 25% Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid
on a cash basis) of 25.17p (threshold, 25% vesting) to 27.96p (target, 50% vesting) to
30.76p
(maximum, 100% vesting), measured as an aggregate over the three-year performance period
ending
31 December 2023.
--------- -------------------------------------------------------------------------------------------
Relative TSR 25% Total Shareholder Return (TSR) of median (threshold, 25% vesting) to upper quartile
(maximum,
100% vesting) when ranked relative to companies in the FTSE250 (excluding investment
trusts),
measured over the three-year performance period ending 31 December 2023.
--------- -------------------------------------------------------------------------------------------
Average ROIC 25% Pre-tax Return on Invested Capital (ROIC) of 16.5% (threshold, 25% vesting) to 18.3%
(target,
50% vesting) to 20.2% (maximum, 100% vesting), measured as an average over the three-year
performance period ending 31 December 2023.
--------- -------------------------------------------------------------------------------------------
ESG Scorecard 15% Employee engagement:
* Average annual Group employee engagement score over
the three-year performance period at or above 69 for
on target performance, and at or above 71 for maximum
performance.
Improvement in colleague diversity across gender (focusing on leaders) and ethnicity:
* Gender diversity amongst our leaders to be measured
as the percentage of women holding senior global
leadership roles in 2023; target performance of 33%,
and maximum performance at 35% or above.
* Demonstrate significant progress on our approach and
strategy for addressing ethnic diversity challenges
throughout our organisation, and particularly in
management and senior leadership roles. Commit to
diversity charters where appropriate, such as the UK
Race at Work charter, and show progress against the
commitments made.
Improvement in our understanding, management and disclosure of Serco's environmental risks:
* Demonstrate significant improvements in environmental
performance and management of environmental risks,
through actions taken in line with our environmental
strategy and improvements in externally issued
environment/climate change ratings.
--------- -------------------------------------------------------------------------------------------
Order Book 10% Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured
on a cumulative basis over the three-year performance period ending 31 December 2023.
--------- -------------------------------------------------------------------------------------------
The Remuneration Committee retains discretion to change
performance measures and targets, and the weightings attached to
performance measures part-way through the performance period if
there is a significant event, such as a major transaction.
For Executive Directors, any shares that vest will be subject to
a post-vesting holding requirement that takes the total term of the
award to a minimum of five years. Post-vesting clawback also
applies to the Executive Directors awards. Awards to all
participants are subject to pre-vesting malus.
This announcement is made in accordance with the requirements of
the EU Market Abuse Regulation 596/2014. The notification of
dealing forms can be found below.
Transaction notification
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Rupert Soames
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status Group Chief Executive
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 1,229,923
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 1,229,923
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Nigel Crossley
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status Group Director of Finance
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 151,931
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 151,931
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Dacquino
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status CEO Americas
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 376,884
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 376,884
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Eveleigh
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status Group General Counsel & Company Secretary
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 240,540
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 240,540
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mark Irwin
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status CEO UK & Europe
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 321,950
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 321,950
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Anthony Kirby
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status Group Chief Operating Officer
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 289,393
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 289,393
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Philip Malem
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status CEO Middle East
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 220,632
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 220,632
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Kate Steadman
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status Group Strategy & Communications Director
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 135,886
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 135,886
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Peter Welling
--------------------------------------- -------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status CEO AsPac
--------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name Serco Group plc
--------------------------------------- -------------------------------------------------
b) LEI 549300PT2CIHYN5GWJ21
--------------------------------------- -------------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------------------
a) Description of the Ordinary shares of 2 pence each ("Ordinary
financial instrument, Shares")
type of instrument
Identification code ISIN: GB0007973794
b) Nature of the transaction The grant of conditional share awards
on 6 April 2021 under the Serco Group
plc 2019 Long-Term Incentive Plan.
--------------------------------------- -------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------
Price(s) Volume(s)
---------------------- ----------------------
n/a 242,990
------------------------------------------------------------------- ----------------------
d) Aggregated information
- Aggregated volume 242,990
- Price n/a
e) Date of the transaction 6 April 2021
--------------------------------------- -------------------------------------------------
f) Place of the transaction n/a
--------------------------------------- -------------------------------------------------
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END
DSHUWVURASUSRAR
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April 08, 2021 09:01 ET (13:01 GMT)
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